I wanted to mention that strategies just like these are commonly utilized by the ultra wealthy in order to do a number of different things.

He said it's common for people with kids.

The thought occurred to me that since my goal is to build a cabin, perhaps it less important which city/area I choose.

Identify your goals-- what do you want to get out of real estate investing?

My goal would be to buy, rehab, get up to market rents, refinance at a better rate.Three duplexes in Virginia:Property 1 (2 units - 2 bed 1 bath each)- Appraised Value: $245k- Mortgage Payoff - $183k- PITI: $1709.57 - Interest Rate: 9.25%- Total Current Rent: $600 (one unit is vacant)- Market Rent Based on HUD: $2986Property 2: (2 units - 2 bed 1 bath each)- Appraised Value: $270k- Mortgage Payoff - $202k- PITI: $1845.29- Interest Rate: 9.25%- Total Current Rent: $1450 - Market Rent Based on HUD: $2986Property 3: (2 units - First is 3 bed 1 bath, second is2 bed 1 bath)- Appraised Value: $263k- Mortgage Payoff - $190k- PITI: $1809.04- Interest Rate: 9.25%- Total Current Rent: $1500- Market Rent Based on HUD: $3572Other Factors:Total Current PITI is $5363.90Total Rent is $3550Tenants are all month to month with 1 unit vacantEquity After Deal: $197k (may be more as appraisals were done 1 year ago)Rehab costs to get market rent: $20k per unit or $120kLet me know your thoughts!

The goal is to get a property with 2+ units and with current interest rates, it is hard to find something that will end up cash-flowing after we move out in 1-2 years.

A lot of your STR success will depend on you, your systems, your rules, and your common sense.

No black mold, only common mold. 

Also, everyone's resources, goals, and risk tolerance are different, so there is no one-size-fits-all approach to investing.

This will help ensure that the project stays on track and within your financial goals.